Impact Of Globalization

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ASSIGNMENT International Finance and Financial Risk Management Aditi Chanani BBA- VI-C 0151BBA013 Impact of Globalization There are many implications of globalization on national economy. Globalization has great interdependence and competition between economies in the world market. Globalization in India had a positive impact on the overall growth rate of the economy. This is major improvement give that India’s growth rate in the 1970 was very low at 3% and GDP growth in countries like Indonesia, Korea, and Mexico was more than twice of India. Though India average annual growth rate almost doubled in the 80s to 5.9%, it was still less than the growth rate in China, Korea & Indonesia. The pickup in GDP growth has help to improve…show more content…
Prior the most extreme piece of the GDP in the economy was created from the essential segment yet now the administration business is commitment the greatest piece of the GDP. The administrations division remains the development driver of the economy with a commitment of more than 57 for each penny of GDP. India is positioned eighteenth among the world`s driving exporters of administrations with an offer of 1.3 for each penny in world fares. The administrations part is relied upon to profit by the progressing advancement of the outside speculation administration into the segment. Programming and the ITES-BPO area recorded an exponential development lately. Development rate in the GDP from real parts of the economy can be seen from the…show more content…
Since liberalization in the 1990s (expeditated by a balance of payment crisis), India's exports have been consistently rising, covering 80.3% of its imports in 2002–03, up from 66.2% in 1990–91. Although India is still a net importer, since 1996–97, its overall balance of payments (i.e., including the capital account balance), has been positive, largely on account of increased foreign direct investment and deposits from non-resident Indians; until this time, the overall balance was only occasionally positive on account of external assistance and commercial borrowings. As a result, India's foreign currency reserves stood at $285 billion in 2008, which could be used in infrastructural development of the country if used effectively. In September 2017 India's foreign exchange reserves crossed $400
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